CSC's Banking BPO Services Chosen by Universal Special Auto Finance
CSC to Provide Back-Office Systems and Support for Subprime Auto Lending Program
EL SEGUNDO, Calif., Feb. 5 -- Computer Sciences Corporation today announced that Universal Special Auto Finance (Universal), a capital management company based in Greenwood Village, Colo., has chosen CSC's banking services for a new nationwide, subprime automotive lending program. Under the five-year business process outsourcing (BPO) contract, CSC will provide lending software, accounting support, and collections and related back-office services.
The Universal program will provide a new, more stable way for banks and other investors to participate in the subprime auto loan market and offer auto dealerships a lending alternative for their credit-challenged clients. Under the agreement, CSC will support the program's customers by providing loan processing services and software.
"We knew that CSC's experience and flexibility would bring a strong foundation to this innovative auto lending program," said John Scordo, Universal's executive vice president. "This long-term strategic alliance with CSC will help us create an attractive opportunity for both non-securitized and securitized investments, and dealers will appreciate the program's fast, efficient credit decisions and consistent funding."
"CSC has been bringing stability to automotive lending services for more than 30 years," said John F. Kilgore, vice president and director of CSC's Banking Services. "Customizing CSC's banking BPO services, by individual client or project as we have for Universal's new start-up program, enables us to deliver the specific business results our clients seek."
One of the nation's largest third-party loan servicers, CSC began offering solutions for the lending lifecycle in 1972 and has been managing securitized and non-securitized loan portfolios since 1990. More than 200 financial institutions have relied on CSC to manage acquisitions, conversions and servicing for more than $10 billion in loans.
About Universal Special Auto Finance
Universal Special Auto Finance (Universal) is a capital management company that provides special finance funding to the automotive dealer market through its SAF SERIES1 lending program. The company's business model combines its expertise in the special auto finance market with "best of breed" business partners to drive the future of special auto finance and deliver an unprecedented product. Dealers benefit with more control over deal structure; fast, consistent credit decisions; and 24-hour funding. Universal will launch its dealer product in the first quarter of 2007. For more information please contact Universal at 866.428.6438 or www.universalsaf.com.
About CSC
Computer Sciences Corporation is a leading global information technology (IT) services company. CSC's mission is to provide customers in industry and government with solutions crafted to meet their specific challenges and enable them to profit from the advanced use of technology.
With approximately 78,000 employees, CSC provides innovative solutions for customers around the world by applying leading technologies and CSC's own advanced capabilities. These include systems design and integration; IT and business process outsourcing; applications software development; Web and application hosting; and management consulting. Headquartered in El Segundo, Calif., CSC reported revenue of $14.6 billion for the 12 months ended Sept. 29, 2006. For more information, visit the company's Web site at www.csc.com.